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BUCHAREST (Romania) November 13 (SeeNews) - Romania's competition authority said on Wednesday that it will look into the recent takeover of local metallic roof tiles producer and distributor Cortina WTB by roof systems manufacturer Wetterbest.
"In order to determine whether the concentration is compatible with a normal competitive environment, the competition authority will consider the notified transaction under the merger regulation," the Competition Council said in a statement.
In September, Wetterbest, part of TeraPlast Group [BSE:TRP], said it has signed an agreement to fully take over Cortina WTB.
By way of this transaction, Wetterbest is increasing its equity in in Cortina WTB from 51% to 100%.
"The acquisition of Cortina WTB is part of the TeraPlast Group’s development process. Wetterbest is one of the companies that contribute most to the group’s revenue and through this acquisition we sustain our plans of consolidating and expanding our distribution network and client portfolio on both the local and the regional market," TeraPlast board of directors chairman Dorel Goia said at the time.
Located in Podari, Dolj county, Cortina WTB is one of the most important metallic roof tiles manufacturers and distributors in southwestern Romania. Its production capacity surpasses 1,5 million sq m annually.
Wetterbest is the second largest producer on the roof systems market in Romania, in terms of both volume and value. At present, production takes place on 40 automated production and packaging lines in three locations: Baicoi (Prahova county), Podari (Dolj county) and Saratel (Bistrita Nasaud county).
The TeraPlast Group product portfolio comprises several business lines: installation, PVC joinery profiles, compounds, thermal insulating panels, windows, doors and metallic tiles. The group comprises the following companies: TeraPlast, TeraSteel Romania & Serbia, Wetterbest (Depaco), TeraGlass, TeraPlast Hungary. Starting April 2019, the recycling business has been spun off to the independent company TeraPlast Recycling.
TeraPlast's shares traded 0.73% higher at 0.2770 lei as at 1605 CET on Wednesday on the Bucharest Stock Exchange.
(1 euro=4.7635 lei)